How Errors & Omissions Coverage Protects Pension Professionals from Costly Mistakes
It can be difficult for pension professionals to juggle servicing multiple employee benefit plans at once. With Errors and Omissions protection, pension professionals safeguards against covered losses from any actual or alleged negligent act, error, or…
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TPAs Risk Drowning Without Efficient Technology
The role of the third-party administrator has changed greatly over the last decade. TPAs had to learn to become more efficient and provide more cost reduction than their competition in order to maintain business. Because…
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Plan Fiduciaries Must Follow Plan Documents
This may sound like common sense but it does in fact need to be noted: according to IRS rules, a plan must operate according to its own plan document’s terms in order to maintain its…
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Legal and Approved Investments May Still Result in Fiduciary Liability
Plan funds and assets don’t have to be invested in an illegal manner in order for an investment to count as imprudent and a breach of a plan sponsor’s fiduciary duty to plan participants. Even…
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Hidden Fees Can Make Plan Investments Imprudent
As a fiduciary, you may do everything by the book in choosing what to invest plan assets in. The investment may be safe, provide proper amounts of returns and not be overly risky. But there’s…
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Excessive Fee Suits Against Plan Fiduciaries Becoming More Popular
An increasing number of 401(k) sponsors and providers of retirement products are seeing lawsuits against them alleging, among other things, excessive plan fees in violation of ERISA and therefore, a breach of the plan fiduciary’s fiduciary duty….
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Plan Fiduciaries Must Evaluate Plan Fees
Plan fiduciaries have a lot of obstacles to avoid during plan administration to avoid fiduciary breaches, but the most common breach of fiduciary duty is for a plan that has unreasonable fees and expenses. This…
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The Pension Professional Dashboard by Colonial Surety
Did you know that there is a way for a third party administrator to manage all of their clients’ ERISA fidelity bonding needs, view renewal history, limit adjustments and much more? And that it is…
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What do the DOL and IRS Look for When Investigating Your Plan?
Investigation and audit from the U.S. Department of Labor and the IRS, respectively, are possibilities that all TPAs need to be prepared for and ready to handle. These investigations can lead to plan liability or…
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